Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result

The Electronic Tax System: A Step In The Right Direction?

Chris Pemu by Chris Pemu
September 6, 2017
in Uncategorized
The Electronic Tax System: A Step In The Right Direction?
Share on FacebookShare on TwitterShare on Linkedin

The Federal Inland Revenue Service (FIRS) earlier this year, announced the introduction of six new electronic tax services (e-services) in furtherance of its efforts to increase financial collection, administration, avail services to the tax payers all the time from anywhere, reduce costs of compliance and improve tax compliance. The available e-services are:

It is no news that Nigeria ranks low amongst other nations in terms of ease of doing business. It is in this regard that several efforts are being made to improve the status which will attract business investors amongst other advantages. The electronic tax system, is not limited to one of these efforts.

According to the 2015 Paying Taxes Report (a joint study by PwC and the World Bank), Nigeria ranks 170 out of 189 economies on the ease of paying taxes. On the average, it takes a medium size company about 909 hours to comply with its tax obligations annually.

RelatedPosts

Stamp Duty Probe: Reps act tough, reveal 14 banks are owing N1.5bn

Stamp Duty Controversy: CBN recovers over N35bn as probe begins

Also globally, electronic transaction is gradually phasing out manual tax processes. Unfortunately in Nigeria, e-taxation like every other new policy, is viewed as a suspicious attempt by the government to squander more funds.

An electronic tax system, if implemented well and used by most taxpayers, benefits both tax authorities and taxpayers. It will enhance revenue collection, improve tax administration and reduce compliance and collection costs.

News continues after this ad


While the initiative is commendable, the elements of an electronic tax system administration should be complied with which includes it being compliance focused, accessible, simple, affordable amongst other things.

In summary, the Electronic taxation system is a welcome one, a step in the right direction. It not only simplifies the means of paying taxes but enables the government to go after defaulters even more easily as the records are all accessible on their web portal.

News continues after this ad


 

 

Related

Tags: e-Filinge-Receipte-Registratione-Stamp DutyE-Tax clearance certificatese-Tax PaymentElectronic Tax SystemQuickTakes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • We have not received notice of ExxonMobil deal cancellation – Seplat Energy
    • Nigeria must end criminality called ‘oil subsidy’- Peter Obi
    • Crude theft: NLNG denies involvement in $1.2 billion illegal oil and gas exports

    Follow us on social media:

    Recent News

    Developing nations must be allowed to create a just energy transition – Roger Brown, Seplat CEO

    We have not received notice of ExxonMobil deal cancellation – Seplat Energy

    August 12, 2022
    Groups stage one-million-man-march for Peter Obi across Nigeria

    Nigeria must end criminality called ‘oil subsidy’- Peter Obi

    August 12, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com